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Point 1: Gameplay Company operates in mall locations and sells videogame equipment and games. The company purchased furniture and fixtures to use in one of its stores for $440,000 in January of 20X5. The furniture and fixtures were being depreciated using the straight-line method over ten years with a residual value of $10,000. In December 20X9, Gameplay decided to close the location and entered into an exchange agreement with Allero Corporation. Allero agreed to give Gameplay vehicles with a fair value of $200,000 and cash of $50,000 in exchange for the furniture and fixtures from this store. The furniture and fixtures have an estimated fair value of $250,000 on the date of exchange.
Question a. Make the depreciation entry for the furniture and fixtures that would be necessary in December 20X9, assuming that no entries have been made during the year.
Question b. Determine the book value of the furniture and fixtures on the date of exchange.
Question c. Record the journal entry Gameplay would make for this exchange
Prepare journal entries to record the transactions affecting equity during the period, Prepare a statement showing the changes in retained earnings during the year
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Nathan Cohen, age 45, is a single taxpayer who lives at 2245 Mardel St., San Jose, CA 95130. His social security number is 351-42-1961. Nathan’s earnings and withholdings as a marketing director at a high-tech company for 2014 are: Nathan received a ..
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